Fortis Microfinance bank profit surges 152% in q2

Triple Gee

Fortis Microfinance bank plc is reporting 152% rise in its profit to NGN677.5 billion for second quarter 2017 compared to NGN267.9 billion recorded in the financial year 2016.

According to the balance sheet of the bank, interest income fort he period rose to NGN2.5 trillion in contrast to NGN1.7 trillion posted in the year before while Loan impairment charges was NGN465.3 billion against NGN16.0 trillion posted in the year before.

The microfinance bank recorded NGN1.5 trillion net interest income after impairment charges on 2017 against NGN676.5 billion in the year before while total operating income was NGN1.6 trillion against NGN915.2 billion in 2016.

Fortis Microfinance bank plc said it acquired NGN21.7 trillion assets in the period in review against NGN20.8 trillion in the year before while total liabilities was NGN16.9 trillion against NGN16.8 trillion in 2016.

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Company Information

Fortis Microfinance Bank Plc. is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in 2007 and listed on the Nigerian Stock Exchange as the first private sector led Microfinance Bank in 2012. The Bank has the goal of meeting the high demand for microfinance banking services by providing flexible banking solutions to support the development of entrepreneurship and empowerment of the economically disadvantaged micro, small and medium scale enterprises (MSME) and individual.

 

Fortis provides a wide range of financial services to a substantial and diversified client base that includes low-end entrepreneurs, the under banked, cooperatives and high-net-worth individuals among others. Fortis runs a viable business model that provides access and financial empowerment to those at the base of the economic pyramid that constitute over 80% of the about 160 million Nigerians and also provide huge returns on investments. In August 2015, Central Bank of Nigeria granted Fortis Microfinance bank Plc the licence to operate nationally. This came only 3 years after the bank got listed on the floor of the Nigerian Stock Exchange, the first privately-owned microfinance bank to achieve this feat.